588 CHAPTER 10 Consumer Mathematics If the amount in the latest period is greater than the amount in the previous period, the answer will be positive and will indicate a percent increase. If the amount in the latest period is smaller than the amount in the previous period, the answer will be negative and will indicate a percent decrease. m Cedric Mullins of the Baltimore Orioles Example 5 Most Improved Baseball Team In 2022, the Major League Baseball team with the most improved number of wins in a season was the Baltimore Orioles. In 2021, the Orioles won 52 games. In 2022, the Orioles won 83 games. Determine the percent increase in the number of wins by the Orioles from 2021 to 2022. Solution The previous period is 2021, and the latest period is 2022. Percent change amount in latest period amount in previous period amount in previous period 100% 83 52 52 100% 31 52 100% 0.5962 100% 59.6% = ⎛ ⎝ ⎜ ⎞ ⎠ ⎟ − ⎛ ⎝ ⎜ ⎞ ⎠ ⎟ × = − × = × ≈ × ≈ Therefore, there was about a 59.6% increase in the number of games won by the Orioles from 2021 to 2022. 7 Now try Exercise 51 Example 6 Stock Price On January 3, 2023 one share of Bed, Bath, and Beyond stock was $2.31. On April 24, 2023, the day after the company filed for bankruptcy, one share of Bed, Bath, and Beyond stock was $0.19. Determine the percent decrease in the price of one share of this stock during this time period. Solution The amount in the latest period is $0.19, and the amount in the previous period is $2.31. Percent change amount in latest period amount in previous period amount in previous period 100% 0.19 2.31 2.31 100% 2.12 2.31 100% 0.9177 100% 91.8% = ⎛ ⎝ ⎜ ⎞ ⎠ ⎟ − ⎛ ⎝ ⎜ ⎞ ⎠ ⎟ × = − × = − × ≈ − × ≈ − Thus, the price of one share of Bed, Bath, and Beyond stock fell about 91.8% from January 3, 2023 to April 24, 2023. 7 Now try Exercise 53 Percent Markup and Markdown A similar formula is used to calculate percent markup or markdown on cost. A positive answer indicates a markup, and a negative answer indicates a markdown. Debby Wong/Shutterstock
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